PROJECTS: Saudi’s Maaden announces discovery of significant new gold reserves

Staff Writer

Saudi Arabian Mining Company (Maaden) has found a significant gold resource potential extending a 100 km stretch from the existing Mansourah Massarah gold mine.
 
This is the first discovery under the company’s extensive exploration programme launched in 2022.
 
Encouraging drill results from multiple sites on Uruq South, along a 100km stretch south of Mansourah Massarah, have uncovered similar geological characteristics and chemistry to the Mansourah Massarah deposit, the Saudi-listed mining company said in a statement on Thursday.
 
These results include high-grade drill intercepts found 400 meters away from and under Mansourah Massarah, with several high-grade intercepts.
 
In addition, Maaden has continued the expansion of its exploration footprint at the Jabal Ghadarah and Bir Tawilah, prospects 25km north of Mansourah Massarah.
 
In combination, these positive drilling results have identified a potential 125 km strike with significant potential to become a major world-class gold belt in Saudi Arabia. 
 
The near-mine drilling results around Mansourah Massarah indicate that the resource is open both at depth and along the strike, offering significant potential to expand resources at the mine and, potentially, extend the mine life with underground development. 
 
Mansourah Massarah had stated gold resources of almost seven million ounces at year-end 2023 and a nameplate production capacity of 250,000 ounces a year.

“These discoveries have the potential to be the center of the world’s next gold rush and are a strong part of our growth strategy,” said Robert Wilt, CEO, Ma’aden said
 
“The Arabian Shield has enormous potential for more world-class discoveries, and this is the first of many we expect to make in the coming years,” he added.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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